If a Consumer Wants Less of a Good When Her

question 105

True/False

If a consumer wants less of a good when her income rises,economists call it an inferior good.

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Definitions:

Minimum Contacts Clause

A legal standard determining the jurisdiction of courts over parties based on the extent of their activities or connections within the state.

Federal Question Jurisdiction

This refers to the authority of United States federal courts to hear cases that involve federal laws, the U.S. Constitution, or treaties.

Original Jurisdiction

The power to decide a case as a trial court.

Diversity Jurisdiction

A principle in federal jurisdiction in the United States allowing federal courts to hear lawsuits involving parties from different states or countries where the matter in controversy exceeds a statutory amount.